European stock markets fell on Monday morning, continuing a global selloff triggered by US President Donald Trump’s new tariffs that had already rattled Asian markets.
The pan-European Stoxx 600 index, which tracks the leading companies in the region, dropped more than 6% shortly after opening, hitting its lowest level since December 2023. Germany’s DAX tumbled nearly 10%, France’s CAC 40 slid 6.6%, and Italy’s FTSE MIB fell 5.7%.
In London, the FTSE 100 index of blue-chip stocks dropped 6%, marking its worst day since the early days of the Covid-19 pandemic in 2020. Every stock in the index was in the red one hour after the market opened.
Shares in defense firms and banks led the decline. German arms maker Rheinmetall plunged nearly 24%, and UK-based Rolls-Royce lost 12%. Mining and investment companies were also among the hardest hit.